St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-19
On the Chicago Board Of Trade the
Prevailing Conditions at the Open
ing We're Unchanged.
The Crowd Was Undecided, and Cables
We're Firm and Reported an Upward
Tendency in Wheat.
The Clique Stood From Under, and in a
General Way the Market Took Its
Own Course.
Transactions in the Financial Circles
of Wall Straightforward Mar
ket Review.
Special TO the Globe.


CHICAGO May lS.-If the old clique tactics
are pursued now The advance will be stopped
and attention given TO rearranging lines be-
fore the final plunge. \ little is leakiug out
about the wheat clique. II Is known pretty
definitely that one of the houses and the man
who sends most of the directions is Nelson
Perrin, the heir of great whisky magnate;
the son of Il good man, as one gentleman
described him, but a young operator who
uluugeS" Ii is plain that the manipulation
j. approaching point where the qualities of
he principals are 10 be tested. \ cool headed,
moderate method. courage and money will
certainly win the thing out. But the move
meut Just now Is so exceedingly perllous
and the know ledge of the principals is so
meagre. that Il good many traders here are
Withdrawing just now 10 settle first of all
how the clique is going to acquit itself. If
well, they Il tail on again; If poorly, they II
stay out. There was no effort by the clique
al any time TO keep wheat at S9c, where il
closed last night. 1t was not until June was
down To SSc that there was any interference
from kershaw Il Co. or Irwin, Greer Il Co.
Al that figure the price was pegged again,
but the crowd did not make much of a dem
onstrution. The outside markets
WERE LITTLE WEAKER,
but cables were rather encouraging. II is
quite probable that SSc Will be the ''pegging
point until the spectators forget that the
market was only Ste for June last week.
When the crowd here and operators outside
have become accustomed 10 the new range
then undoubtedly offensive operations will
be begun again. SO far as the price of wheat
in June is concernedit depends solely upon
whether the clique has money enough TO put
the screws on the market If it has, then 81
may not look high by June l. Ii looked last
night ~ if the wheat clique wanted 10 hold
the price for June al S9c cheaply. If IL had
not wanted 10 do this il would not have put
two or three brokers in the pit 10 shout them
selves hoarse bidding for wheat which the
managers of the clique very well knew they
would not get. The crowd does not sell 10
Broker Pollock and has not sold 10 him for
fortnight. OF course kershaw knows tins as
well aS ANYBODY. He did not get a bushel of
wheat last night, although he bid S9c for
lots of 100000 bushels. There has been
some selling of late of large lots of wheat by
Fleming Il Boyden. and the members of this
firm have appeared so complaiSant as the
market advances against them that it has
been taken as sign that they were selling
for the outside. This sort of gossip and
reasoning made the crowd exceedingly nerv-
Gus this morning. On the curb the price was
worked up TO S9c for June, but ii dropped
back on the regular board.
THE ROUTINE REPORT.
CHICAGO, May lS.-The prevailing condi-
tons to-day at the opening were much the
same as yesterday. Cables were firm. and re-
ported an upward tendency in wheat at
Liverpool. The crowd were undecided, and
the opening prices were higher than the close
of Yesterday. June started AT S9c, but ma
iority of the crowd were disposed TO sell.
Prices fluctuated rapidly in the first five min
utes, but kept on the down side of soc for
June. however. it was not allowed 10 go
below sSl2c. Half an hour after the session
opened Il few of the boldest traders in the pit
who had got tired of seeing June hang at
SSl2C and above apparently for no reason
whatever started III 10 see where the bottom
of the market really was. They commenced
offering June wheat at an eighth or quar-
ter below the market. When they started
June was at SSl2c, and when they
stopped the market was at S13sG
SSc. To accomplish this break
of over half cent they did
not dispose of over &c, 900 or 10000 bushels
all told. This very plainly demonstrates that
the clique was standing from under for q
time, and was allowing the market to take its
own course. At about SSc June wheat found
bottom figures and also little support from
the crowd, but the clique left it severely
alone The trading between 1880 and noon
was very dull, ana prices for June hung
between ssc and SSlsc during the whole
vailed during the afternoon session
and June wheat closed at SS1l@
SS$sc Corn weak at the opening. Jul!
started at 41SSc and sold to 41@41l2c in the
pathy with wheat declined to 40s4c, closing
at Ale for the July option. Provisions
opened a fraction lower than yesterdays
close. July ribs started at S7.27l2, sold down
TO S7.25, and later, in sympathy with wheat
declined TO 500. During the day, however
they recovered somewhat, and July ribs
closed at S7.22l2. July lard opened at
S. S2l2, continued weak during the balance
of the session, and closed at 1918.
THE QUOTATIONS..
The leading futures ranged as follows
Wheat-No. = May, S77sc, closing at S67Sc
June, soc, closing at sSlsc; July, S57sc
closing at S5I2c; August. SAC, closing
at s3l2c. Corn-No.2 May, 3Sl2c, closing
at 3Sl2c; June, 39l2c, closing at 394c
July, 4lSsc, closing at 41c; August, 42Ac
closing at 4l7sc. Oats-No. 2 May, 26Ac
closing at 25s4c; June, 27c, closing a
26SSc; July, 2sc, closing at 27l2c. Au
g0SE eli F6 closing %aR a al 30 S Closing Mes
S2l.5o; June, s2l.50, closing at $3.50
Lard-per 100 lbs, May, $6.65, closing a
$6.66l2; June, $3.50, closing at $685.: July
S6.S2l2 closing at $6.75; August, S6.92l2
closing at S6.S5. Short ribs-per 100 lbs.
May, S7.l2l2, closing at $40: June, S7.15
closing at $40; July, S7:27l2, closing a
S7.22l2; August, S737l2, closing at 1922
market firm; prices unchanged. Wheat-No
= spring, S76S7l2c: No. 3 spring, 79MS0c
No. red. S7s4c. Corn-No. ., 3Sss@o3Ss4c
Oats-No. = &c. Rye-No. 2, 56l2c. Bar
ley-No. =, SIC. Flax seed-No. l, Sill
Prime timothy seed $l.7o@1.71; Mes
S6.G2l2. Short ribs sides, loose, S7.O5@
10: dry sailed shoulders, boxed. $500
3. d: short clear sides, boxed. S7.50@,7. 80
Whisky-Distillers' finished goods, per gal
Sl.lO Receipts-Flour, AZ, 600 bbls: wheat
$4,000 blu; corn, lis, 900 bu: oats, 227 ,OO'
ments-Flour, 6,OOO bbls; wheat, $1,000
bu; corn, $4,000 bu: oats, 1sO,O0Obu bar
ley. 1000 bu. On the produce eXchang
to-day the butter market declining; cream